Buy Zee Entertainment Enterprises; target of Rs 680: Sharekhan

Sharekhan’s research report on Zee Entertainment Enterprises

For Q4FY2018, overall revenue of Zee Entertainment Enterprises Limited (ZEEL) grew by 12.9% y-o-y to Rs. 1,725.3 crore. Revenue growth was primarily led by impressive advertisement revenue growth of 23.9% y-o-y (though on a low base). Domestic ad revenue (adjusted for sports) grew by 24.9% y-o-y on account of strong recovery in advertising spends across categories, while international ad revenue grew by 26.1% y-o-y to Rs. 66.2 crore.

Outlook

We continue to remain positive on ZEEL, as it is one of the key beneficiaries of the structural pan-India media consumption theme. We maintain our Buy rating on the stock with an unchanged price target (PT) of Rs. 680.

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